M&A Deals
Progeny assets hit £1bn following adviser acquisition
Wealth manager and legal adviser Progeny Group has acquired Evolve Financial Planning in a deal that will see its assets under advice grow to more than £1bn (€1.1bn, $1.3bn).
FNZ investors plan £2bn sale
The two private equity backers of the fintech firm FNZ, which powers the platforms for Standard Life, Aviva and Quilter, are considering selling their stakes in the company, according to media reports.
Generali to sell majority stake in German life company
Italy’s Generali Group has agreed to sell a majority stake in Generali Leben to a German life insurance portfolio management company, in a deal that values the business at around €1bn (£882m, $1.17bn).
South Africa’s Prescient Life sold
Johannesburg-headquartered investment manager 27Four has secured a life insurance licence after agreeing to acquire 100% of Prescient Life from its parent company Prescient Holdings.
Canada Life UK sells £2.7bn book to Scottish Friendly
Consolidators continue to snap up legacy books of business with Canada Life UK announcing the sale of 155,000 longstanding policies to Scottish Friendly.